Arab News, Mon, Mar 11, 2024 | Ramadan 1, 1445
Central Bank of Oman’s foreign assets rise to $17.49m in 2023
Oman:
The Central Bank of Oman’s total foreign assets increased by 0.1 percent,
reaching 6.73 million Omani rials ($17.49 million) as of Dec. 31, 2023, compared
to the same period the previous year.
The rise in foreign asset figures enhances
liquidity to meet balance of payments needs and provides a level of fiscal
security against negative economic events.
According to new figures released by the National
Centre for Statistics and Information, the narrow money supply, or M1, increased
by 6.6 percent, reaching 5.98 million rials during the same period, as reported
by the Oman News Agency.
M1 encompasses the total cash outside the banking
system, along with current accounts and demand deposits in the local currency.
In contrast, the broad money supply, or M2, stood
at 23 million rials at the end of 2023, reflecting a surge of 13.1 percent
compared to the same period in 2022.
Private sector deposits in commercial banks and
Islamic windows reached 19.2 million rials at the end of 2023, marking an
increase of 10.6 percent compared to the corresponding period in the previous
year.
Moreover, total loans and financing in commercial
banks and Islamic windows grew by 4.3 percent in the same period, reaching 30.47
million rials.
Surge in hotel revenues
The statistics issued by the NSCI revealed that
the revenues of 3-5-star hotels in Oman reached 24.75 million rials at the end
of January 2024, marking a 17.1 percent increase compared to the same period in
2023. This growth aligns with the total number of hotel guests, which rose by
20.5 percent, reaching 215,660 by the end of January 2024, compared to the
corresponding period in 2023.
Furthermore, the hotel occupancy rate registered a
growth of 16.2 percent during the same period.
According to the NCSI report, Omanis topped the
number of guests in hotels, with their counts standing at 75,219.
Meanwhile, the count of European guests recorded
during the period was 73,325, reflecting a surge of 17.9 percent compared to the
corresponding period a year earlier.
On the other hand, guests from the Gulf
Cooperation Council countries increased by 10.5 percent, reaching 11,961, while
the count for American guests reached 7,231.